Daiwa Bank Ltd. said Wednesday it will set up a joint holding company with two regional banks by April, creating the largest financial group in the Kansai region.

Osaka-based Daiwa, Kinki Osaka Bank and Nara Bank will slash some 3,000 jobs by April 2007 through their business consolidation, Daiwa said.

This figure equals around 26 percent of their combined workforces.